Plaza Wires, the manufacturer of Plaza Cables, initiated an initial public offering (IPO) aiming to raise up to ₹71.3 crore by Thursday next week. The IPO, which was oversubscribed by 4.23 times on its opening day, is offering 1.3 crore shares priced between ₹51-54 each. Bidding lots are available at ₹14,127-14,958.
The proceeds from the IPO will be allocated towards capital expenditure, working capital requirements, and general corporate purposes. The fundraising event is managed by Pantomath Capital Advisors and registered by KFin Technologies.
The shares from the Plaza Wires IPO are set to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) around October 13.
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